10th May 2016 08:32
LONDON (Alliance News) - Rare Earth Minerals PLC on Tuesday said it has received regulatory approval for the subscription agreement it entered into in March to gain a 15% stake in Macarthur Minerals Ltd.
Macarthur Minerals is an Australian exploration and development company and, in March, Rare Earth said it will pay CAD300,000 for 15 million units in Macarthur, giving it a 15.26% stake in the company.
At the time, Rare Earth said each unit comprised of one common Macarthur share and one whole warrant to acquire a common share at an exercise price of CAD0.05 each for a period of 12 months from the date of issuance.
On Tuesday, Rare Earth said it had received notification from the Australian Foreign Investment Review Board that there was no objection to the agreement. As such, all matters concerning the agreement are now complete, Rare Earth added.
Rare Earth noted an update from Macarthur on Tuesday, in which it said it has conducted initial helicopter borne reconnaissance over a number of its Pilbara exploration lease applications in Western Australia.
In the update, Macarthur said during its reconnaissance it located pegmatites which contain one or more minerals indicative of the "rare element lithium-caesium-tantalum class of pegmatites". Confirmation is required from the rock chick geochemical analysis, Rare Earth added.
Shares in Rare Earth were up 0.1% at 0.531 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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